Transcontinental Gas Pipe Line Company, LLC

Fourth Revised Volume No. 1

Effective Date: 02/22/2009, Docket: RP09-245-000, Status: Effective

First Revised Sheet No. 455 First Revised Sheet No. 455

Superseding: Original Sheet No. 455

GENERAL TERMS AND CONDITIONS

(Continued)

42. CAPACITY RELEASE (Continued)

42.7 Submission of Offers and Bids (Continued)

(i) For prearranged capacity releases, the Releasing Shipper must submit both the

offer and the bid. Replacement Shipper must confirm the prearranged capacity

release by accepting the prearranged bid prior to Seller awarding such released

capacity.

(j) The term of the release shall be for a fixed period and shall not continue beyond

such term.

42.8 Capacity Release Agreements

Once released capacity has been awarded, the terms of the award, which shall be based

on the Releasing Shipper's offer to release the capacity and the Replacement Shipper's

bid for the capacity, and the provisions of Seller's applicable Form of Service

Agreement shall together establish and constitute the contractual relationship between

Seller and Replacement Shipper governing the released capacity, with the terms of the

award supplying the necessary information to complete the applicable Form of Service

Agreement. In that regard, Replacement Shipper specifically agrees to follow Seller's

nomination and ranking deadlines, in accordance with Section 28.1 of these General

Terms and Conditions. Such contracting process shall be accomplished through 1Line.

42.9 Posting Periods

The Capacity Release Time Line is applicable to all parties involved in the Capacity

Release process; however, it is only applicable if 1) all information provided by the

parties to the transaction is valid, 2) there are no special terms or conditions of

the release, and 3) for purposes of determining the Best Bid, the methodology

specified by the Releasing Shipper is either highest rate, net revenue, or present

value.

(a) For Short-Term Releases (less than one year) subject to bid:

(All times are Central Clock Time)

12:00 noon Offers should be tendered on a Business Day.

1:00 p.m. Open season ends on a Business Day.

Evaluation period begins during which contingency is eliminated,

determination of best bid is made, and ties are broken.

2:00 p.m. Evaluation period ends and award posting if no match required.

Match or award is communicated.

2:30 p.m. Match response.

3:00 p.m. Where match required, award posting.

Contract issued within one hour of posting (with a new contract

number, when applicable); nomination possible beginning at the next

available nomination cycle for the effective date of the contract

(Central Clock Time).